The Victory Square area downtown Bucharest, considered the business centre of the Romanian capital, has attracted investments of nearly half a billion euros in the past ten years in development or acquisition of office buildings, owners of buildings around Victoria Palace being mainly Austrian or French companies collecting about 40 million in rents on an annual basis, says Ziarul financiar daily.
The central area of the city was very active in recent years in terms of transactions, Immoeast, Europolis Ixis or Capital City funds paying tens or even hundreds of millions of euros to include in its buildings portfolio the Bucharest Corporate Centre, Europe House, America House or the Buzesti Business Centre.
On the other hand, the BRD and Piraeus Bank groups have decided to build headquarters of their own, considering that in the area rents are the highest in the city, about 20 euros / sq m.
Among the companies that have chosen to rent offices in Victoria Square there are BCR, Volksbank, consulting firms Deloitte, Ernst & Young, Tuca Zbarcea & Associates law firm, Aviva and Generali insurance companies, as well as phone operators Orange and Cosmote.
One of the most important offices owners here is Austrian group Premiumred, which developed two office buildings – Premium Plaza and Premium Point – with a cumulative surface of approximately 15,000 rentable sq m.
If other developers in the area, such as GTC or Cascade Group, managed to sell the completed projects, the Austrians were left with two buildings in their portfolio, although they tried to sell them once with the completion of the construction works.
Among the Romanians who own office buildings in Victoria Square there are businessmen Dinu Patriciu and Alexander Hergan, via Black Sea Global Properties (BSGP) and Avrig 35.